The EU wants transparency on Cryptocurrencies

[torch2121]

I'm fine with it. This will lower down crime rate and make sure that no money laundering and terrorism will be supported. As long as everything will be the same as what Bitcoin started, all is fine with me with that change.

[pawanjain]

Stumbled upon this article today.

http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing

According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:

The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.

In simple words, they actually want wallet providers to require more information from us, similar to banks.

What are your thoughts on this? Could this ever happen?

The article is very interesting and I think EU is really taking a good necessary step because everyone wants to be on the safer side of the terrorism and other money laundering activities. I think by collecting the data from the traders they just want to be on the safer side and they really want to maintain the stats and database regarding the wallets and the user's necessary KYC etc. Hoping for the best and expecting some more good moves taken by the EU and other countries regarding the fight against the money laundering and Terrorism Financing. In our country, India we are soon going to see strict rules against the cryptocurrency trading as the government is planning to regulate the coins.

[South Park]

In my opinion they can easily achieve it because there is a blockchain explorer that they can use in order to see the things that they wanted to see. Most of the cryptocurrencies are already transparent so what kind of transparency is they want. The government can tell people to have an annual report of their cryptocurrency activities so they can get more transparency.

They can look at the blockchain and see every transaction that has ever been made in bitcoin or in almost every other cryptocurrency, that is not what they want what they want is to link those transactions with real names so they can tax them and obtain money from them that is what they want, but it's going to be really difficult for them to obtain that.

[kolinko]

I'm fine with it. This will lower down crime rate and make sure that no money laundering and terrorism will be supported. As long as everything will be the same as what Bitcoin started, all is fine with me with that change.

Transparency is needed so that bitcoin and cryptocurrency can survive and thrive in the financial markets of the world. Adoption by most EU countries is a very big recognition for bitcoin and crypto, which shows the bright future of this market.

[Daveeoff]

Honestly I don't see this happening unless the EU really pushesh some really hard regulations on exchanges and etc. They cannot force wallet devs to get info from us but they can stip their business in the EU.

[marsmyname]

In my opinion they can easily achieve it because there is a blockchain explorer that they can use in order to see the things that they wanted to see. Most of the cryptocurrencies are already transparent so what kind of transparency is they want. The government can tell people to have an annual report of their cryptocurrency activities so they can get more transparency.

This is a very positive news that the government of most of the countries are taking this concept of crypto currency very much seriously and that all of them are trying and looking for the best possible thing to do which can then help them in getting their economy more stronger and that there are likely chances that soon, most of the countries declare these crypto currencies as legal currencies.

[stompix]

Lol. Hypocrisy indeed. We’re against terrorism, but we’re not against American bombing. We’re humanitarian advocates, but we don’t accept refugees. We love children, but most child abuses are from Europeans.

Hypocrisy from EU? No, it's just you spreading lies.
https://www.humanium.org/en/rcri-world-ranking-by-countries/

And even those statics are lenient towards 3rd world countries because almost nobody is reporting the cases there as they know nobody will take actions.
In the EU if your child cries at night you might end up with the police at your door, in Africa they will act only if they find his dead body.

Humanitarian ad?
The EU has contributed to the UN with more than $91.784 billion, that's 180$ per capita, we have accepted more than 4 million refugees while our countries are still recovering.

What about the hypocrisy of the refugees that come to our countries and start raping stealing and killing the ones that welcomed them.

Funny how you're criticizing the EU now when just two weeks ago you were saying this:

Is it fair to say that Europe is now the new haven for cryptocurrency exchanges because nonetheless 2 of the most popular sites/company is moving from Asia ( Binance and bitfinex ) to Europe (Malta and Switzerland). If not mistaken I’ve read something about Europe new regulation on crypto, but forgotten about it. If this would solve the problem then looking forward for a relocation attempt by them.

Probably they are choosing Europe over your beloved Venezuela because of our hypocrisy....

[symbian]

We needed them to regulate cryptocurrency not make it as something equivalent to a local currency. If they are talking  more about identity verification in exchange for traders, then, it's not a new thing cause we already have it. But for identity verification for every bitcoin or any cryptocurrency spent, then it's unacceptable.

[ladydark]

Stumbled upon this article today.

http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing

According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:

The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.

In simple words, they actually want wallet providers to require more information from us, similar to banks.

What are your thoughts on this? Could this ever happen?

Yes this might happen if the government pressurise the wallet providers,then they would have no other option than asking KYC details from the customers and this would bring an end to anonymity completely.

[Getcoinsite]

This can be very big.

When reading the sentence: “those who keep bitcoins in their wallet” it is not clear to me if that affects to hardware wallets for example. They could ask Trezor and Ledger to know their customers before selling and to hand over their data to the EU. I’ve read the article but can’t find an explanation. Until now we thought that regulation was going to reach exchanges, but we also thought that we would have some freedom using wallets.

and now they are targeting wallets directly,this would be a big problem because were here in crypto to find freedom on our funds,and now EU wanted to interfere our privacy what would be the next?we need to send our details in order to make transaction?this is other government way of taking privacy from people

[BitcoinNational]

More transparency is maybe the key for a massive adoption. Moreover, EU has to find a solution to take advantage of the crypocurrentcy, otherwise, it will be soon outperformed by other countries or regions, on a  economically plan;

[Lieldoryn]

I don't believe this is possible. Many purses are outside the EU zone. These rules cannot be applied to them and will not be supported. Maybe some of the funds users will show to the government but the main savings will remain in the shadows and governments will never force them to show.

[swallovwvile8]

if only the btcs be supported as well as blockchain ran partially by govt. then it could happen.

[valentine401]

Stumbled upon this article today.

http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing

According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:

The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.

In simple words, they actually want wallet providers to require more information from us, similar to banks.

What are your thoughts on this? Could this ever happen?

I think that this will be another way for the government to place taxes on cryptocurrency investors so i do not think that this will be a great idea, they can catch people who are having illegal activities but they should not get our own informations because it can be used to threaten people who are holding a huge amount.

[thetruth123123]

Actually in my opinion government in my particular country just wants to fave profit and taxes from those, who are not paying them yet from crypto.

[fempat]

It's impossible, it's fighting against windmills. If they control one coin, we can simply create another one - completely anonymous.

Which other way can we guard against the evil uses of cryptocurrencies such as drug trafficking and the likes? They're obviously not trying to fight against cryptocurrencies, they're trying to see how users could be more transparent as many could hide under its anonymity to perpetrate evil. If you know a better way to go about it, suggest it here.

[Tenderino]

This will surely happen and they have all rights to ask for more information if the exchanged amount exceeds 10,000€. This is anyway common standart for banks and as long as they do not prohibit crypto currencies, you can not really complain about it.

I see it possitive and this should motivate the crypto currencies users to use the banking and fiat money system less.

[sampalokmix]

It's impossible, it's fighting against windmills. If they control one coin, we can simply create another one - completely anonymous.

I certainly agree with you, if Bitcoin was regulated it is very unlawful to this nature , people will soon change the entire existence of this currency which we should not let happened cause this forum had done very well this passed few years because people also maintain the nature that it keep to its system and putting some regulation to this might not be a great idea for me since thats what we take care of, personal information whether you are a scammer or not

[volcanofetusK]

It can be possible because the people involved in transaction just are connected by their respected id. now we can see them in data mining

[naidray]

I think because of that monero cannot be listed on coinbase etc. But rather on decentralized exchanges. It may make them less valuable in the future, I don't think they will be valuable while no central authority sympathises it.

I would not say Monero cannot be listed. The way some of these exchanges that are fiat based works is not just basically to monitor the transactions from wallet to wallet, but the transaction within the exchange. That is where the whole money laundering thing comes in anyway, except for those who may want to go the dark way and preferably not go through exchanges to invest. With that, as long as you are registered on the exchange and you are making fiat-cryptocurrency transactions, all that will end up being monitored.